The relatively small, entirely street-fronting retail complex at 730 N. Michigan will sell for the equivalent of $1,150 per foot. Granted, it’s an unparalleled location, but the price — more than ten times higher than the national average for retail — also points to the incredible sales per square foot figures being posted by the flagship tenants. Each of the stores draws thousands of shoppers a day directly off the street and into spaces far more generous than any available inside a mall. (Incidentally, CompUSA has threatened to leave its large, top-floor space at the complex.)

Down on State Street, Mills is exhibiting some preliminary architectural renderings of its Block 37 development. The going idea, unveiled last summer, is a phased development with different uses at each corner and ground-level open space in the center. Retail would focus at ground level and below ground; the tremendous excavation needed to build the proposed airport express station will open up a few levels for a subterranean mall.

A retail-only corner opposite the Reliance Building would both let the sun shine on Reliance and strengthen State’s traditionally strongest corner; residential at Randolph would complement three existing residential towers nearby (the Heritage, Block 36/Art Institute, and the forthcoming Smithfield tower). It appears, then, that Mills is rejecting any major big boxes for the site, including department stores — the smaller parcels required by the phasing just won’t fit anything with a 20,000 sq ft footprint. Theaters are listed as a possible use, but given their tremendous space demands I’m not sure whether that will happen. Similarly, I’m not sure where they expect the parking to go. Nor do I quite understand how they intend to phase construction of the underground mall, unless that (and, presumably, the retail building fronting State/Washington) is the first phase.

One tenant targeted by the city in early discussions with Mills was REI — hoping to follow the success of REI’s flagship in Seattle or the Coldwater Creek flagship in Denver. (Illustration from Mills Corp. site)

In strip mall news, The Fresh Market, a staple of my North Carolina childhood (I would spend much time sniffing the bulk bins of coffee), has announced plans to move into suburban Chicago.